Which term below fits closest to money functioning as a unit of accounting?
A. liquidity
B. standard of value
C. medium of exchange
D. adverse selection
Answer: B
You might also like to view...
On the island country of Sunshine where the unit of currency is fish, net exports are 50 fish, saving is 250 fish, net taxes are 100 fish, and the government budget deficit is 175 fish. What is the value of investment?
A) 375 fish B) -375 fish C) 25 fish D) -25 fish
Setting price equal to marginal cost in a natural monopoly will lead to
a. excess profits for the firm. b. losses for the firm. c. zero profits for the firm. d. One cannot tell without further information.
Which of the following is an example of a black market activity?
a. Purchasing banned drugs from an individual in a vacant lot b. Purchasing drugs from a pharmacy c. Purchasing automobiles from an authorized dealer d. Purchasing stocks and bonds
?If a good is offered free of charge, one would:
a. ?stop consuming it when its marginal utility begins to increase. b. ?never consume it because it has no market value. c. ?never stop consuming it. d. ?stop consuming it when its marginal utility begins to fall. e. ?stop consuming it when its marginal utility has declined to zero.